ASIC launches National Financial Literacy Strategy 2014-17

THE Australian Securities and Investment Commission’s (ASIC) new National Financial Literacy Strategy 2014-17 has been launched in an effort to develop a lasting national financial learning framework.

Parliamentary Secretary to the Treasurer, Steven Ciobo said the new strategy aims to improve the financial literacy of all Australians by providing a national framework for action across government, business, community and education sectors. 

The 2014-17 Strategy has strategic priorities centring on educating the next generation of Australians, particularly through the formal education system, he said. It will increase the use of free information, tools and resources such as ASIC’s MoneySmart website. 

The strategy also aims to provide quality targeted guidance and support, strengthen co-ordination and effective partnerships – especially through the financial services sector – and improve research, measurement and evaluation.

ASIC has said it would work closely with the Australian Government Financial Literacy Board and liaise with relevant key stakeholders to oversee implementation of the strategy and action plan ASIC will provide an annual report on progress.

“Knowing how to manage your money is one of the most important skills in everyday life,” Mr Ciobo said.

“Whether it’s taking out a credit card, applying for a loan or choosing a super account, improved financial literacy benefits everyone, whatever their circumstances. Being able to make the most of your money, manage financial risk and avoid financial pitfalls is good for the financial well-being of everyone.

“Financial literacy allows people to be informed and more confident when engaging with financial services, providers and products.”

Mr Ciobo said the strategy would provide a national roadmap to guide and encourage participation by all organisations with an interest in improving financial literacy.

“It builds on the significant work done to date, ever since financial literacy was a made a priority under initiatives announced by the Howard Government,” Mr Ciobo said.

www.asic.gov.au

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